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Mortgage rates tick up again

Average 30-year fixed loan hits 2.81%, threatening housing market’s rally

(iStock)
(iStock)

Mortgage rates keep climbing.

The average 30-year, fixed-rate loan last week was 2.81 percent, compared to 2.73 percent the previous week. That’s the highest since November and 16 basis points above the record low of 2.65 percent reached in early January, according to Bloomberg.

Costlier loans may threaten the trend of rising home prices. The combination of growing demand and diminished supply has sparked bidding wars, and with mortgage rates now going up as well, the hot housing market could cool off as buyers are priced out.

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The yield on 10-year Treasuries reached 1.3 percent this week, the highest in almost a year.

Mortgage rates are still very low by historical standards. They have remained below 3 percent since July thanks in part to the Federal Reserve limiting borrowing costs.

[Bloomberg News] — Sasha Jones

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